Gold Prices In India: Major stock exchanges will be closed on April 18th due to honouring Good Friday 2025. Ahead of this big day, at MCX, gold prices in India skyrocketed to hit a new all-time high and were now a couple of thousand away from the Rs 1,00,000 per 10 grams mark, which will be its first ever. That being said, is trading available in gold and silver at MCX on Friday?
Market Holiday:
As per the MCX holidays list for April 2025, its trading platforms will be closed on April 18, Friday. Hence, investors will not be able to trade in commodities and futures like gold, silver, natural gas, zinc, copper, crude oil and other metals.
Also, settlement in transactions related to the market will be closed on April 18th.
About Good Friday 2025:
Good Friday, the Friday before Easter, the day on which Christians annually observe the commemoration of the Crucifixion of Jesus Christ. From the early days of Christianity, Good Friday was observed as a day of sorrow, penance, and fasting, a characteristic that finds expression in the German word Karfreitag ("Sorrowful Friday"), as per Britannica.
On April 17th, MCX gold with a June 2025 expiry, touched a new all-time high of Rs 95895 per 10 grams. From the new record-breaking level, MCX gold is now about Rs 4,105 away from hitting its Rs 1,00,000 mark.
Furthermore, 10 grams gold price zoomed by Rs 860 to hit a new high of Rs 72,990 in 18k, followed by a strong surge of Rs 1,140 to Rs 97,310 in 24K, and upside by Rs 1,050 in 22K of 10 grams to a new record of Rs 89,200.
Meanwhile, the prices of MCX silver, with a May 2025 expiry, plunged by nearly 1% or Rs 950 to trade at Rs 95,300. MCX silver is near its day's low of Rs 95650 per 1kg.
On the latest performance, According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said, COMEX June gold closed 3.27% higher yesterday, marking its strongest single-day gain since April 2020, as a weaker US dollar and rising safe-haven demand-fueled by escalating US-China trade tensions, drove prices sharply higher. Geopolitical risks intensified after the US banned Nvidia's H20 chip sales to China and former President Trump called for a review of rare earth tariffs. Gold prices surged to a record high of $3,358.4/oz as the US dollar slipped to a three-year low of 99.28. Despite the rally, Fed Chair Jerome Powell pushed back against near-term rate cut expectations, stressing the importance of avoiding tariffs that could trigger persistent inflation and slower economic growth.
The analyst added, "On the data front, March retail sales rose 1.4% month-over-month, beating expectations, while industrial production showed signs of slowing. On Thursday, gold extended gains, hitting a fresh all-time high of $3,371.9/oz after Powell warned that uncertainty over US trade policy could weigh on the economy, dampening global risk appetite. Traders now await key US data releases, including housing starts, the Philly Fed Manufacturing Index, and initial jobless claims, for further direction."
What Drives Gold Market In India?
As per a Minerva Capital Research report, Indian jewellery industry is moving towards organized players with focus on exports to reduce fiscal deficit. Here are some of the key highlights.
- Reduction in customs duties: on gold & silver reduced from 15% to 6% and on platinum from 15.4% to 6.4% to enhance domestic value addition in gold & precious metal jewellery (union budget 2024)
- Mandatory PAN Card: over transactions over INR 2 Lakhs
- Gold hallmarking: became mandatory from 01-Apr-23 (intent to drive up present share of hallmarking ~30% )
- Unique advantages of gold retailing: No inventory obsolescence risk as products can be recycled into new ones
- Increasing organized retail foray into rural market: which accounts for 58% of jewellery demand
- Seasonality of demand: Weddings, festivals & agricultural activities drive the demand. Demand peaks in wedding months like May-June and Sep-Jan. Rural households invest their harvest proceeds between Sep-Nov and JanMarch. Auspicious religious occasions like Diwali / Dhanteras in Oct-Nov and Akshaya Trithiya & Ugadi in Apr-May.
For investment related articles, business news and mutual fund advise
Click it and Unblock the Notifications
Sign in with Google